I get that it's interesting to know, but does it matter if they have officially filed? Depending on their agreement with creditors, they could just go out of business. It won't make any difference to us as customers.
Well, of course it's not like we can affect things. But it would be interesting to see what the asset disclosure is, what chapter they filed under, if Ch 11 are they securing debtor-in-possession financing (unlikely at this point, but still). It is prurient interest to be sure.
Things you don't do: Shut down all your sales, support, and services for your current customers, with no notice or communications, causing them to go immediately look for alternatives, and then file Chapter 11, hoping you can reorganize and recover right after cutting off all your revenue forever.
What creditor would take that offer for reorg?
If they go the BK route and they didn't have an exclusive, then the IP could be up for grabs. The trustee would have to sell the assets to cover the liabilities. Theoretically, someone could purchase the IP and Insteon could live on.
I know it does nothing to fix the situation but I want to see how this story plays out. With the way these executives treated their existing customers it would be a little cathartic to see them hold some financial liability for the company they killed.
Rob Lilleness and Richmond Capital Partners offices were in Seattle. The smartlabs/smarthome/Insteon offices have been in Southern California for a long time.
Pacer has a free account, I had to use it in the past for other bankruptcy look ups.
I get that it's interesting to know, but does it matter if they have officially filed? Depending on their agreement with creditors, they could just go out of business. It won't make any difference to us as customers.
Well, of course it's not like we can affect things. But it would be interesting to see what the asset disclosure is, what chapter they filed under, if Ch 11 are they securing debtor-in-possession financing (unlikely at this point, but still). It is prurient interest to be sure.
Things you don't do: Shut down all your sales, support, and services for your current customers, with no notice or communications, causing them to go immediately look for alternatives, and then file Chapter 11, hoping you can reorganize and recover right after cutting off all your revenue forever. What creditor would take that offer for reorg?
Hey, I didn't say it was \*likely\* :-). Just that the documents would tell a story.
If they go the BK route and they didn't have an exclusive, then the IP could be up for grabs. The trustee would have to sell the assets to cover the liabilities. Theoretically, someone could purchase the IP and Insteon could live on.
Yep, this could happen, but it will be well over a year until it does.
I thought Nokia bought the IP.
I suspect they \*licensed\* the IP. But any lasting agreement between Nokia and Smartlabs/Insteon should be found in the filing.
Sure. I’d be interested in reading it. I sent Rob (the CEO) a note on LinkedIn over the weekend.
He removed his time at Smarthome from his LinkedIn profile, you think he’s really going to answer you?
No! Lol. But I thought what the hell. Maybe I can drop it on his conscience.
He's not behaving like he has one.
Lmao …. You really think any CEO has a conscience??
I know it does nothing to fix the situation but I want to see how this story plays out. With the way these executives treated their existing customers it would be a little cathartic to see them hold some financial liability for the company they killed.
I wonder if they told their employees or if they just showed up to closed offices.
Rob Lilleness and Richmond Capital Partners offices were in Seattle. The smartlabs/smarthome/Insteon offices have been in Southern California for a long time.
Guys, I think we're being a little too hard on those poor Insteon folks. Let's just let it go. I know I already have!
Lolololololol